Which of the following is an advantage of a qualitative over a quantitative risk analysis?
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A. B. C. D.A.
The main advantage of the qualitative impact analysis is that it prioritizes the risks and identifies areas for immediate improvement in addressing the vulnerabilities.It does not provide specific quantifiable measurements of the magnitude of the impacts, therefore making a cost-analysis of any recommended controls difficult.Since it involves a consensus of export and some guesswork based on the experience of Subject Matter Experts (SME's), it can not be easily automated.
Reference used for this question: STONEBURNER, Gary et al., NIST Special publication 800-30, Risk management Guide for Information Technology Systems, 2001 (page 23).
The advantage of a qualitative over a quantitative risk analysis is that it prioritizes the risks and identifies areas for immediate improvement in addressing the vulnerabilities. This means that a qualitative risk analysis focuses on the likelihood of an event occurring and the impact of that event.
Qualitative risk analysis relies on expert judgment and qualitative data to identify risks, threats, and vulnerabilities that may impact an organization. The analysis prioritizes risks based on the potential impact on the organization and assigns a likelihood rating based on the probability of occurrence.
Qualitative risk analysis provides an overall understanding of the risks an organization faces, which enables the organization to prioritize and focus its risk management efforts on the most significant risks. This is particularly useful for organizations that have limited resources or time to conduct a comprehensive risk analysis.
In contrast, a quantitative risk analysis provides specific quantifiable measurements of the magnitude of the impacts. It relies on statistical models and numerical data to identify and assess risks. While a quantitative risk analysis can provide more accurate and precise data, it can be time-consuming and resource-intensive.
A quantitative risk analysis can make a cost-benefit analysis of recommended controls easier. It can also be used to justify the cost of implementing controls by estimating the potential cost of a security incident.
In conclusion, the advantage of a qualitative risk analysis is that it prioritizes the risks and identifies areas for immediate improvement in addressing the vulnerabilities. It provides a more holistic view of an organization's risks, which can be used to inform decision-making and prioritize risk management efforts.